Shardeum Launches EVM Mainnet with Significant Token Redenomination
Layer 1 blockchain Shardeum has officially launched its Ethereum Virtual Machine (EVM) mainnet, revealing a significant upgrade that includes a redenomination of its SHM token at a ratio of 1:240. This change was approved by the community, with an overwhelming 85% of participants voting in favor of increasing the total token supply from 249 million to 60 billion. Shardeum, which boasts a community of 1.4 million members and 171,000 public validators, is now recognized as India’s fastest-growing Web3 community.
Milestone Marked by EVM Mainnet Rollout
According to Shardeum, this EVM mainnet upgrade is closely linked to the community-driven decision regarding the token split. Co-founder Nischal Shetty highlighted the importance of this rollout, stating that it represents a pivotal moment for Shardeum as it strives to create a decentralized network that promotes both innovation and accessibility. Shetty emphasized that the launch aligns with their vision of a blockchain that is fair, efficient, and affordable for all users.
Community Governance in Action
Shardeum reported that over 500,000 SHM tokens were utilized during the voting process, which was developed in just three days. Shetty described the SHM redenomination as a testament to Shardeum’s commitment to community governance. By making the SHM token more accessible, the blockchain aims to encourage broader participation, particularly in emerging markets like India, demonstrating how active governance can influence the evolution of decentralized systems.
Enhanced Developer Experience with EVM Compatibility
The launch of the EVM mainnet brings full Ethereum compatibility to the Shardeum network, allowing developers to create and deploy decentralized applications using existing Ethereum tools without the need to learn new programming languages. This upgrade is designed to maintain lower and more predictable gas fees within the Shardeum ecosystem, providing a competitive advantage for developers and users alike.
Scalability and Transaction Integrity
Shardeum is engineered to automatically scale in response to increasing user activity while offering low transaction costs and permissionless participation. The platform processes transactions in the exact order they are received, a mechanism that helps prevent front-running and other forms of transaction manipulation. Shetty noted that these features empower developers to build practical applications that can efficiently reach millions of users, with India playing a crucial role in the expansion of Web3 communities.
Token Migration and Ecosystem Support
Prior to the EVM mainnet launch, Shardeum announced a temporary pause on its token-only network on October 28. The new network officially went live on October 30, with wallet balances adjusted to reflect the 1:240 SHM redenomination. Major cryptocurrency exchanges have confirmed their support for this migration, and activities such as deposits, withdrawals, and trading are set to resume on participating platforms. Shardeum supports approximately 150 projects across various sectors, including decentralized finance, gaming, file storage, and non-fungible token marketplaces, having successfully completed its testnet phase with over 81 million transactions and 247,000 smart contracts deployed.
